Economic Growth in Uruguay
Uruguay recorded an average real GDP growth rate of 1.6% in the decade to 2022, above the 1.3% average for Latin America. In 2022, real GDP growth was 4.9%. For more GDP information, visit our dedicated page.
Uruguay GDP Chart
Uruguay GDP Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 0.2 | 0.7 | -6.3 | 5.3 | 4.9 |
GDP (USD bn) | 65.2 | 62.0 | 53.6 | 61.3 | 71.1 |
GDP (UYU bn) | 2,003 | 2,188 | 2,255 | 2,675 | 2,930 |
Economic Growth (Nominal GDP, ann. var. %) | 7.5 | 9.2 | 3.1 | 18.6 | 9.6 |
Economy contracts at a slower rate in Q3
GDP slid at a milder pace of 0.2% year on year in the third quarter, above the 2.5% contraction tallied in the second quarter. On a seasonally adjusted quarter-on-quarter basis, GDP rebounded, expanding 1.0% in Q3, contrasting the previous quarter's 1.4% fall.
The annual improvement chiefly reflected public spending growth, which accelerated to a five-quarter high of 2.7% year on year from 1.8% in Q2. That said, annual private consumption increased at a slower pace of 3.4% in Q3 compared to a 4.5% expansion in Q2. Moreover, fixed investment contracted 11.3% in Q3 (Q2: -5.0% yoy), marking the worst reading since Q4 2018. Domestic demand likely benefited from lower average inflation in Q3, which fell to the lowest since Q3 2005, preventing a steeper private consumption deceleration, as still-elevated interest rates capped its overall improvement. On the external front, exports of goods and services plunged at the steepest rate in over two years, contracting 9.2% in the third quarter (Q2: -6.9% yoy). In addition, imports of goods and services growth moderated to 5.0% in Q3 (Q2: +7.9% yoy).
Our Consensus is for the economy to return to growth year-on-year in Q4, but tally only a moderate increase in 2023 as a whole.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Uruguayan GDP projections for the next ten years from a panel of 22 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Uruguayan GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Uruguayan GDP projections.
Want to get access to the full dataset of Uruguayan GDP forecasts? Send an email to info@focus-economics.com.
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